That’s the worst proposal I’ve seen till date. Buy back Luna? The speculative token designed to keep UST on peg?
Don’t be silly. What purpose does Luna serve on the Terra ecosystem without UST? Why would anyone buy Luna after it crashed 99.999% in 48 hours. No sane investor would. This proposal is terrible.
Fatman’s or wlawyer’s solutions are the way to go.
The peg is broken because when it is depegged, fundamentally it is driven by max fear and some supply. Economists fail to see the irrational side of the market but investors have to account for this. Let us look from the investment side on how to regain our demand and to eliminate the Robinhood algorithm altogether because it is very broken, and still the general public is bewildered by why the peg has not been restored yet.
It seems good to me that they implement good strategies to make the moon rise since I have lost 90% of my capital. I had bought 500,000 thousand moons at 70 usdt each moon, which at this moment the 500 thousand are worth 100 usd :c I would like it to rise since I am in total cricis, my economy is in the trash. all the successes for the project
Imagine how many people now have 100k tokens, price can’t go to even 1c with this much supply. The only way to increase the price is buying all Luna that Do Kwon can and burn them. Do you really think he will do it? I personally don’t believe in it. I more than sure that he is already hiding somewhere and threw the project into a dumpster.
Maybe there are some technical opportunities to solve the price problem but idk about them. I think the best way to solve price and reputation problem is spend almost all the money that LFG have. But will they do that? As I know they sent their BTC to Gemini and now we can’t track how they are spending it. For me it’s the main problem, we don’t know what exactly devs are doing. I hope for the best but reality can be tough.
Has this been Executed yet or will it be done in 2 days when voting completes. I see people have asked but no one has answered. I am try to decide if i should just hold out to see what happens after executing but not sure if this has already been done since voting is still open.? thanks
What update do u expect? UST is already 96% out of peg and mint / burn is disabled by terra station. Those who did not cash out at loss are left bagholders. LUNA is diluted to match the UST cap. no demand in UST keeps cap low cos confidence is undermined in specious bastards that lost billions in backing by converting bitcoin safety fund to UST on 05/09 - 05/10 which is now completely worthless.
Having run out of reserves they are now insolvent and cant pay 11.6 billion in liabilities. I guess do kwon would be lucky if he just gets shot. Looking at what he has done, a great many ppl might want to just rip his parts and feed him with glass powder. This is the most recent update.
UST falling further out of peg. This proposal is supposed to remedy that by allowing the remaining UST bagholders to exit and LUNA-UST to find some sort of balance at $0-$0.
Still 11B LUNA in circulation, all of which could be converted to more LUNA once the swap mechanism is turned back on.
Voting ends in two days according to the voting widget. That doesn’t necessarily obligate governors to turn the swap back on. Damned if you do. Damned if you don’t. If the swaps are reactivated what little LUNA market capitalization is left will continue to be obliterated as the remaining UST holders try to exit and speculators pick up cheap UST on the open market to arb to LUNA.
More bloodshed would look terrible for the Foundation. Everyone is crying out for retribution, not for more losses. Unfortunately it looks like the reserves have been depleted.
@gs390 Is this being implemented in 12hrs after the voting period ends? Or has this already been implemented? Or is it too late and doesn’t matter if it gets implemented?
I just can’t believe that after such a massive hyperinflation that didn’t work, the validators on this network voted in favor to hyperinflate even more. These people should be all jailed and be forbidden to ever again work in the blockchain space. They shouldn’t even be allowed to sell 1 NFT worth 0.00001 ETH.
If this works the second step would be to have a dynamic basepool from 50M to 100M and
a dynamic Decrease PoolRecoveryBlock from 36 to 18 depending on the rapidity of the shocks or quite period